PHOENIX (Wednesday, November 21, 2012) -- Attorney General Tom Horne announced today that in the past eight months, the five largest mortgage servicers are reporting that significant progress has been made in implementing the National Mortgage Settlement and toward the expected $1.3 billion in consumer relief for Arizona borrowers.

“This reporting shows signs of the kind of performance we expected when the Settlement was announced last February,” Horne said. “The financial institutions are reportedly following the consumer relief terms that were established, and the people who were hurt by the mortgage collapse are getting help as intended. There is certainly more to be done, but this latest report shows significant progress has been made.”

The Monitor of the National Mortgage Settlement, Joseph A. Smith, provided this second interim report entitled, “Continued Progress: a Report from the Monitor of the National Mortgage Settlement,” to inform the public of progress made between March 1, 2012 and September 30, 2012.

According to the Monitor’s report, over 13,011 Arizona consumers reportedly received relief in excess of $984 million. In addition to principal forgiveness, the Settlement also includes a refinance program for borrowers who have been denied the chance to refinance because they owe more than their homes are worth. So far, over 1,895 underwater Arizona borrowers have reportedly been able to refinance their mortgages under the Settlement, resulting in aggregate savings of more than $61 million.

The data provided by the servicers has not yet been reviewed and approved by the Monitor and will be credited toward their overall obligations under the settlement using complex formula caps and other limitations, which sometimes provides less than dollar-for-dollar credit.

To review the Monitor’s second interim report and to access an interactive map containing the servicers’ reported figures, visit the Monitor’s website at https://www.mortgageoversight.com/

Resources:

The Arizona Attorney General’s Office has established a dedicated e-mail address, website link, and phone line to respond to questions regarding the Settlement:

Consumers who feel they have been a victim of mortgage or servicing fraud, or any other type of consumer fraud, may file a consumer complaint with the Arizona Attorney General’s Office. To file a complaint online, consumers can visit here.